A Reserve Study that has been prepared in accordance with National Reserve Study Standards will contain the information necessary to meet the first two of the three main requirements. The third “disclosure” requirement is met through the distribution of the Reserve Study (or more typically, just the Executive Summary) to the members.
The 2010 American Disabilities Act (ADA) guidelines for the Accessible Design for Recreation Facilities were revised and sign into law on September 15, 2010. The law specifies certain elements of design to ensure that individuals with disabilities are able to access and use swimming pools, spas, wading pools, and other aquatic recreation facilities.
One of the most important responsibilities that Boardmembers and professional Managers face each year is the preparation of their Reserve Study. This document will not only reveal the current Reserve strength of the Association, but also the Funding Plan moving forward.
When the condition of one of your Reserve components has gone all the way from Good/New to Poor/Old and now has a Remaining Useful Life (RUL) of zero, the component should be repaired or replaced immediately, right?
It all started out so innocently, with a phone call asking if we knew about reserves at condominium Associations. It was the attorney of a Developer. They were being sued by the Association for an outrageous sum, for failure to set aside appropriate Reserves.
Boardmembers and Managers often get themselves into a situation where they need to “sell” the value of regular Reserve contributions to their homeowners. It’s often a simple matter of fighting for budget dollars… Reserve contributions don’t keep the lights on, they don’t keep the Association properly insured, and they don’t pay the Management company’s bill.
